Kodak posts $47.9M loss in May, operating report shows

Eastman Kodak Co. posted a net loss of $47.9 million in May, according its monthly operating report for the month of May filed Friday with the U.S. Bankruptcy Court.

The company reported a net loss of $47.9 million on revenues of $137.3 million for period of May 1 to May 31. Those numbers compare with a net loss of $46.3 million on revenues of $127.8 million for April. Kodak also reported a net loss of $66.8 million on revenues of $169.7 million for the month of March.

In a year-over-year comparison, for the month of May 2012, Kodak reported a net loss of $88.3 million on revenues of $173.6 million.

The company listed cash and cash equivalents of $296 million as of May 31. The number compares with cash equivalents of $340.1 million as of April 30 and $406.9 million as of March 31. The company reported cash and cash equivalents of $574.2 million on May 31, 2012.

Kodak filed the monthly report on Friday, closing out busy week for the company that included court approvals on dealings associated with Kodak’s potential emergence from bankruptcy this fall.

The financials contained in monthly operating reports are filed to show asset use and cash for the U.S. entities of Kodak that have filed for Chapter 11. The company has said the reports include costs which Kodak is responsible for companywide. The monthly reports are not comparable with typical quarterly financial reports, Kodak said.

Kodak has cautioned the report was prepared solely for complying with the bankruptcy court’s monthly reporting requirements. The reports have not been audited and were not prepared in accordance with generally accepted accounting principles.

Kodak also filed a periodic report for the three months ended March 31. Its consolidated entities had net income of $283 million on $849 million in revenues.

Proceeds from the sale of businesses or assets totaled $534 million. Cash and cash equivalents for the consolidated entities stood at $1.17 billion.

As with the monthly reports, Kodak cautions that the periodic filings are prepared solely to comply with the bankruptcy court’s reporting requirements. They are unaudited and were not prepared in accordance with generally accepted accounting principles.